Procedures
FAQ
- What is B-Pay?B-Pay is a new mode of making payment for unit trusts through the Bill Payment system provided by banks. B-Pay is available through 4 channels: 1. Bank’s counter 2. ATM 3. Phone banking and 4. Internet banking. For the unit-holder who does not use the FastTrack service (please read Question 2), upon making payment for unit trusts using the B-Pay form, the unit-holder must send in the Subscription Order form to the Company within 15:30hrs of the payment date.
- What is FastTrack?
The FastTrack service is a service to execute a Subscription Order form on behalf of the unit-holder to make the subscription process more convenient. The unit-holder could authorise the Company to execute a Subscription Order form on the unit-holder’s behalf without having the need to send a Subscription Order form to the Company ever again provided that the unit-holder must pay for the unit trusts via the B-Pay system before 15:30hrs.
- What is the difference between B-Pay and FastTrack?
B-Pay is a mode of payment for subscribing unit trusts. In case of payment at the bank’s counter, the unit-holder must only use abrdn’s B-Pay form. B-Pay is not a Subscription Order, therefore the unit-holder must send in a Subscription Order form to abrdn within 15:30hrs. for the subscription of the unit trusts to be executed on the same day.
The FastTrack service is a service to execute a Subscription Order form on behalf of the unit-holder to make the subscription process more convenient, in which does not require the unit-holder to send in a Subscription Order form to the Company. To be able to use the FastTrack service, the unit-holder must first authorize the Company to execute a Subscription Order form. If the unit-holder intends to subscribe unit trusts, the payment for the unit trusts must be made through the B-Pay channels before 15:30hrs. - What documents must the unit-holder provide to the Company in order to apply for the FastTrack service? How long would it take to activate the service? How would the unit-holder be informed on the service activation?The unit-holder must send in a duly signed Power of Attorney (FastTrack) and E-Avenue Application form together with a certified true copy of an ID card or passport (in case of a foreigner). The unit-holder would be informed of the service activation by SMS and a letter by post to the mailing address given within 4 working days after the Company has received and verified correct and complete documents.
- For the B-Pay system, would the unit-holder be required to pay for any other expenses in addition to the subscription amount?At present, there are no other expenses charged.
- How would the unit-holder be informed if the payment via the B-Pay service and/or the execution of a Subscription Order form by the FastTrack service has been completed?
B-Pay is a mode of payment for subscribing unit trusts. In case of payment at the bank’s counter, the unit-holder must only use abrdn’s B-Pay form. B-Pay is not a Subscription Order, therefore the unit-holder must send in a Subscription Order form to abrdn within 15:30hrs. for the subscription of the unit trusts to be executed on the same day.
The FastTrack service is a service to execute a Subscription Order form on behalf of the unit-holder to make the subscription process more convenient, in which does not require the unit-holder to send in a Subscription Order form to the Company. To be able to use the FastTrack service, the unit-holder must first authorize the Company to execute a Subscription Order form. If the unit-holder intends to subscribe unit trusts, the payment for the unit trusts must be made through the B-Pay channels before 15:30hrs. - What are the procedures of payment through the B-Pay system via ATM, Telephone Banking, or Internet Banking (details of each bank’s payment procedure)?
Please read the details of the Bill Payment Manual at B-Pay manual
- If the unit-holder did not provide a mobile phone number in Reference 2 in the B-Pay form, how would the unit-holder receive a confirmation of the payment for unit trusts?Client Services would contact the unit-holder at the telephone number stated in the Contact Details in the Master Account Opening form or in the corrected Contact Details given after the unit-holder’s account has been opened.